We develop a method to characterize the location as well as the time of approach of optimal steady states in single-state, infinite-horizon, autonomous models. The method is based on a simple function of the state variable which is defined in terms of the model's primitives. The actual...

Optimal exploitation of renewable groundwater resources when extraction affects the probability of occurrence of an irreversible event is studied. The term irreversible signifies that the event occurrence renders the resource obsolete. It is found that uncertainty concerning the event occurrence...

Uncertainty enters the dynamic tradeoffs of environmental and natural resource management in a variety of ways and forms. In this chapter we review the various sources of uncertainty, the methodologies developed to account for them and implications regarding management of environmental and...